Seventh Pay Commission: Modi Govt ready to implement ‘salary hike’ recommendations

Giving the hint that Centre is all set to implement Seventh Pay Commission, Government said that ‘salary hike’ will have little impact on inflation. This was stated in the Economic Survey tabled in the Parliament on Sunday. Read more: 7th Pay Commission: Good News! ‘Review report’ to be submitted likely by April-end “For most of the current fiscal year, inflation has remained quiescent, hovering within the RBI’s target range of 4-6 per cent. But looming on the horizon is the increase in wages and benefits recommended for government workers by the Seventh Pay Commission (7th PC).

Highlights of Union Budget 2016-17

Affirming that the economy is right on track, Finance Minister Arun Jaitley presented the Union Budget for 2016-17. Citing that the CPI inflation has come down to 5.4% from 9 plus, he said it is huge relief for the public. 

Tax

Infrastructure and agriculture cess to be levied. 

Excise duty raised from 10 to 15 per cent on tobacco products other than beedis 

1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh. 

SUVs, Luxury cars to be more expensive. 4% high capacity tax for SUVs. 

Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge 

Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties 

Excise 1 per cent imposed on articles of jewellery, excluding silver. 

0.5 per cent Krishi Kalyan Cess to be levied on all services. 

Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher-end models. 

Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent. 

Tax rebate under Section 87A increased to Rs.5000

Union Finance Minister Shri Arun Jaitley spoke on the Key Reform Measures in his Budget speech 2016-17

Increased relief for middle-class tax-payers

• by raising the ceiling of tax rebate under Section 87A to Rs. 5,000 for individuals with income less than Rs. 5 lakhs
• and by raising the limit of deduction of rent paid under section 80GG to Rs. 60,000

1. The Government is firm on its course towards fiscal consolidation without compromising on its development agenda. 3.5% fiscal deficit is targeted for FY 2017.

Important Announcements made by Union Finance Minister Shri Arun Jaitley in his Budget speech 2016-17

Important Announcements made by Union Finance Minister Shri Arun Jaitley in his Budget speech 2016-17

1. Big Focus on Agriculture and Farmer’ Welfare

(i)                 Farmer’s income to be doubled by 2022.

(ii)               28.5 lakh hectares will be brought under irrigation under Pradhan Mantri Krishi Sinchai Yojana.

(iii)             89 irrigation projects, requiring Rs. 86,500 crore in next five years, to be fast tracked. 23 of these projects to be completed before 31st March, 2017.

(iv)             Dedicated Long Term Irrigation Fund will be created in NABARD with initial corpus of Rs. 20,000 crore.

Rail Budget 2016 Updates

Rail Budget 2016 Highlights

Railway Minister Suresh Prabhu presents “Rail Budget 2016” in Lok Sabha.

1:13 pm: Suresh Prabhu concludes his rail budget speech.

1:15 pm: No hike in railway fares.

1:10 pm: The companies owned by Railways to come under a holding company.

1:09 pm: Two dedicated freight corridors by 2019.

1:07 pm: I’m setting aside Rs. 50 crore for providing innovation grants to start-ups.

1:04 pm: Drones to be used for remote monitoring of ongoing projects.

Budget 2016 income tax expectations: 7th Pay Commission, OROP add to Arun Jaitley problems

Budget 2016: The burden of expectations on FM Arun Jaitley is huge and one cannot forget that the higher spending on account of implementation of one rank one pension scheme (OROP) for armed forces and the 7th Pay Commission recommendations are likely to make it even more challenging to meet these expectations. The gains on account of Laffer Curve should be kept in mind while bringing about the changes: simplification and clarity in tax laws will undoubtedly improve tax compliance thereby increasing the tax revenue. Whether FM Arun Jaitley succeeds in living up to all these expectations and implements measures to spur growth and stability remains to be seen

Budget 2016: Expectation from budget with respect to Minimum Alternate Tax - Removal or significant reduction in the rate of Minimum Alternate Tax (MAT) will put significant cash flow in the hands of taxpayers to make much needed investments. Today, in view of the Dividend Distribution Tax (DDT), no dividends can be paid without tax of almost 21% by the companies. In fact, with DDT, the aggregate tax rate on a company, including surcharge and education cess could be as high as 47% to 51% if no special exemptions are available. This is far higher than the stated 30% tax rate on companies. If corporate tax rate is to be reduced to 25% over the next 3 years and the investment and profit linked exemptions and deductions are to be phased out, then there is a very good case to phase out the MAT and ultimately scrap it

Different Ways To Open Windows Task Manager

Task Manager helps in obtaining info a few pc performance, running applications, processes and a lot of. In short, you’ll use the handy Windows tool to begin sure programs or finish them. it’s a lot of of a troubleshooting tool for beginners ,which is variable into multiple tabs. every tab is related to a selected class like the running applications, running processes, Windows services, the computer’s performance, network utilization, and also the users that area unit presently logged in. If you’re connected to a network, you’ll additionally use Task Manager to look at network standing and see however your network is functioning.

There ar multiple ways in which ar there to open task manager in windows. Lets see the various ways in which to Open Windows Task Manager.

7th CPC : Empowered Committee likely to submit report by April-end

There is good news in the store for central government employees who are waiting for the implementation of Seventh Pay Commission. Reportedly, review report will be submitted to Finance Ministry at April end.

Pay commission Sources say that P K Sinha headed Empowered Committee of Secretaries will submit its report to Finance Minister Arun Jaitley in April end.

At the moment, implementation Cell of the Pay Commission is looking into the recommendations. After processing the report, it will be sent to Empowered Committee in April.

Solution for Wrong Account Openings in DOP Finacle

India Post Finacle Solution for Wrong Account Openings

In DOP Finacle, there are many cases where the accounts are opened wrongly in different aspects. Some of them are discussed below

Step By Step Procedure in Detail

Case 1: Account opened with wrong CIF 

1. Invoke menu HCCA

2. Choose function as MODIFY

3. Enter account no

4. Click on GO (F4)

5. Enter the correct CIF by Deleting the existing CIF

6. Select Modify A/C Name as YES (Mandatory)

7. Choose appropriate Reason code

8. Click on SUBMIT (F10)

9. Verify account number using same menu in supervisor login.

Roll out of Internet/Mobile/SMS Banking in DOP Finacle

Roll out of Internet/Mobile/SMS Banking

Copy of eMail dated 18.02.2016 from Director (CBS) to all Circle Heads
From: Director (CBS)
Sent: 18 February 2016 17:46

Subject: Roll out of Internet/Mobile/SMS Banking 

Respected Sir/Madam

I am directed to enclose Standard Operating Procedure (SOP) of Internet/Mobile / SMS Banking for circulation to all CBS Post Offices. Facilities available through these channels are also attached. These need to be pasted on the Public Notice Board of all CBS Post Offices. 

It is requested to circulate these guidelines and give them wide publicity so that our staff/agents and customers may start using these facilities. 

With regards,

Sachin Kishore

Director (CBS)

Sansad Marg,

Dak Bhavan

Facilities in Internet Banking

Customer has to enter:- https://ebanking.indiapost.gov.in